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The Asian Infrastructure Investment Bank (AIIB) and the World Bank said on Friday they will provide funding for a US$500m flood management project in the Philippines.

Under the project, 36 existing pumping stations in the country’s capital Manila will be modernised and 20 new ones constructed to control floods, which are a recurring problem in the city.

The AIIB and the World Bank will each provide US$207.6m, while the Philippines’ government will contribute the remaining US$84.79m.

The project is the first in the Philippines for the AIIB, which was established by China in 2015 to finance the construction of roads, power plants and other infrastructure across Asia.

"The lives of people in metropolitan Manila, especially the poor, women and children, are severely affected by exposure to frequent cyclones and flooding induced by heavy rains," said Supee Teravaninthorn, Director General for Investment Operations at the AIIB.

"Investing in sustainable infrastructure is a key priority for the AIIB and we feel this project is a great fit for our first investment in the Philippines," he concluded.

The Beijing-based bank said on Thursday it has approved US$3.49bn in financing for 21 infrastructure projects in 11 countries since it started operations in January 2016.

China is the largest stakeholder in the bank, followed by India, Russia, Germany and South Korea.